Torrent, Glenmark lead Indian pharma market growth. Sun, Cipla, Lupin are among other notable gainers
Torrent Pharmaceuticals and Glenmark Pharmaceuticals were key leaders amongst listed companies, that saw their domestic sales grow 16.7-17.7% during the month of April' 2024 . The two were closely followed by Alkem Laboratories whose sales in value terms also grew 14.8% y-o-y.
However other prominent manufacturers included Sun Pharmaceutical, Lupin Ltd, Cipla Ltd whose domestic sales grew slightly more than 12% in value terms, suggested data by Pharmatrack, a pharmaceuticals market research company. Also Read- Metal sector: ICICI Securities upgrades Tata Steel, JSW Steel to ‘Buy’; check top picks in the sector Indian Pharma market recorded a growth of 8.9% year-on-year in the month of April '2024.
While value growth stood at 9.2% year-on-year as per Pharmatrack, the volumes de-grew 0.3% year on year . A strong domestic market growth is necessary to support and drive earnings of Indian Pharmaceutical majors.
While the US sales of most Indian pharma companies have done exceedingly well , helped by large product lunches leading to Nifty Pharma index rising more than 50% in last one year, moving forward domestic sales will play imprtant role in helping support overall earnings growth Zydus Lifesciences , Mankind, Ipca laboratories and Dr Reddy's Laboratories stood amongst notable companies whose sales exceeded IPM growth during April Also Read- Multibagger Cochin Shipyard share price gains 9% on a large order win from Europe Analysts at Elara Securities India Pt Ltd said that “We expect a slight uptick in growth for India’s pharma market (IPM) compared to the levels of Calendar Year 2023, yet it is likely to remain within a constrained range throughout CY24 and FY25". Volume growth might accelerate albeit with moderate price
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